tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 22nd, 6:31PM

Insurance

rss
Latest Headlines

Use risk research tools, but don't totally rely on them

Tools to research life insurance policies are likely to become more widely used in New Zealand should any form of adviser regulation come into force following the taskforce.

Tuesday, March 8th 2005, 7:16AM

Barbara McLean from Melbourne-based research house Plantech says that 10 years ago in Australia less than 10% of advisers used risk research tools. Now, post regulation, the figure is up at around 90%.

While there are no figures showing the take up of risk research tools in New Zealand, the number is (not surprisingly) much lower.

Also the choice is limited to three providers, PlanTech, Strategy Financial and Boss compared to about eight in Australia.

McLean says one of the reasons risk research tools gained acceptance is that they help advisers with compliance issues and provides a paper trial of the decision making process.

She says this has been vital when an adviser wants to switch a client from one policy to another. In Australia it is a “major issue” and can cause an adviser trouble if a switch is made, particularly if the new policy has fewer benefits.

She while risk research tools are useful to help advisers make product selections they shouldn’t rely on them entirely. “I don’t think you should ever fall into that trap,” she says.

Her comments are supported by Asteron managing director Sean Carroll, who says: “never let it be the only thing you use.”

« The fruits of Money Managers' latest labourAIA to launch consumer credit policy »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Chubb's latest champion
Young maths prodigy takes out actuarial award.

New book: Unlocking group insurance
Christchurch adviser Corey Williams has released a new book helping advisers and employers put group insurance schemes in place.

Insurer gets warning from RBNZ
Geneva Finance's insurance subsidiary Quest Insurance been given a warning from the prudential regulator.

Big Shout Out
We wanted to give a Big Shout Out to Jack Newman for his fund raising efforts over the weekend.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x